Exam 18: Introduction to Sales and Lease Contracts

Quinn enters into a series of agreements with Reba involving a sale of a Suite Dreams Motel,including the land,building,furnishings,shares of stock in Suite Dreams Company,and a contract with Trudy to create an ad campaign.Reba suspects that Quinn may be misrepresenting the facts.The UCC Statute of Frauds governs 

In interpreting a commercial agreement,a court will assume that the usage of trade was taken into account when the agreement was phrased.

When no delivery terms are specified in a contract for a sale of goods,there is no basis for determining a remedy.

Medico Inc.enters into a contract to sell medical supplies to New Hospital Corporation,which sells some of the items to Physicians Clinic,which later sells them to Oscar,a patient and consumer.Article 2 of the UCC applies to the sales transactions between 

Curtis enters into a contract with Drive-Away Lease Company for a three-year lease of a car.This contract is subject to 

All oral contracts are enforceable under the UCC.

Under the UCC,good faith means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.

Over the course of a year,Retail Marketers,Inc.,sells goods from its inventory and one of its warehouses.In exchange,Retail receives checks and other items that substitute for cash,which Retail uses to repay a loan from Savings Bank.Article 2 of the UCC governs​ 

Under the UCC,an agreement modifying a contract needs new consideration to be binding.

Under the UCC,an offeree can accept an offer to buy goods by a prompt shipment of conforming goods.

A firm offer by a merchant may be oral.

The UCC requires that the mirror image rule be followed for all acceptances.